Two Harbors Investment Corp
(NYSE:TWO)

Two Harbors Investment Corp. operates as a real estate investment trust (REIT) that focuses on investing in, financing, and managing residential mortgage-backed securities (RMBS), non-agency securities, mortgage servicing rights, and other financial assets in the United States. Its target assets inc...

Website: http://www.twoharborsinvestment.com

Sector: Real Estate

Industry: REIT-Mortgage

REIT

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At a glance:

Bull Thesis:

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Income Statements:

Quarterly

Annual

Unit: USD	2025-12-31	2025-09-30	2025-06-30	2025-03-31	2024-12-31	2024-09-30	2024-06-30	2024-03-31	2023-12-31	2023-09-30	2023-06-30	2023-03-31	2022-12-31	2022-09-30	2022-06-30	2022-03-31	2021-12-31	2021-09-30	2021-06-30	2021-03-31	2020-12-31	2020-09-30	2020-06-30	2020-03-31	2019-12-31	2019-09-30	2019-06-30	2019-03-31	2018-12-31	2018-09-30	2018-06-30	2017-06-30	2016-06-30	2014-03-31	2013-12-31	2013-06-30	2013-03-31	2012-12-31	2012-09-30	2012-06-30	2012-03-31	2011-12-31	2011-09-30	2011-06-30	2011-03-31	2010-12-31

net interest expense:
interest income	89,919,000	93,615,000	117,082,000	111,382,000	103,774,000	112,642,000	115,953,000	117,783,000
interest expense	105,408,000	117,120,000	136,701,000	131,714,000	138,668,000	154,931,000	154,207,000	160,000,000																														24,369,000	20,743,000	15,527,000	11,467,000	9,129,000	7,218,000	3,863,000	2,499,000
net interest expense	-15,489,000	-23,505,000	-19,619,000	-20,332,000	-30,690,000	-42,289,000	-38,254,000
net servicing income:
servicing income	145,062,000	166,448,000	158,354,000	156,859,000	167,568,000	171,732,000	176,015,000	166,333,000	178,609,000	178,625,000	175,223,000	153,320,000	160,926,000	148,833,000	157,526,000	136,626,000	125,511,000	122,960,000	112,816,000	107,119,000	100,549,000	99,114,000	112,891,000	130,797,000	127,690,000	126,025,000	130,949,000	116,948,000	104,623,000	89,618,000	77,665,000	51,308,000	35,816,000	30,441,000
servicing costs	3,383,000	3,762,000	2,386,000	3,197,000	4,575,000	3,900,000	4,475,000	7,119,000
net servicing income	141,679,000	162,686,000	155,968,000	153,662,000	162,993,000	167,832,000	171,540,000	159,214,000
other income:
gain on investment securities	-20,436,500	-16,187,000			-8,007,250	1,383,000	-22,437,000	-10,975,000	-82,469,000	-471,000	2,172,000	10,798,000	-347,450,000	-6,426,000	-197,719,000	-52,342,000	1,626,000	28,642,000	-41,519,000	132,868,000	37,363,000	-9,107,000	53,492,000		28,141,000	248,828,000	22,441,000		-23,887,250	-42,996,000	-31,882,000	31,249,000	8,331,000	-38,655,000		50,863,000	26,968,000	108,219,000	2,527,000	1,789,000	9,931,000	361,000	31,432,000	3,189,000	1,539,000
loss on servicing asset	-65,213,000	-104,896,000	-35,902,000																		2,522,000	-112,763,000	-238,791,000	-586,665,000								-46,630,000		-32,760,000
gain on interest rate swap and swaption agreements	-36,859,000	4,302,000	-52,950,000	-98,788,000	199,612,000	-172,263,000	22,012,000	98,510,000	21,572,000	111,909,000	56,533,000		7,374,750	34,806,000	32,734,000		1,275,500	-3,947,000	24,648,000												29,133,000		-12,708,000	-105,528,000		259,826,000	18,972,000				-16,193,000				1,939,000
gain on other derivative instruments	8,696,750	64,596,000	-31,257,000	1,448,000	-55,144,000	-32,722,000	-750,000	47,599,000	-143,812,000	86,212,000	47,161,000		53,301,000	159,044,000	-101,273,000		-11,565,000	-15,019,000	51,312,000		81,289,000	65,596,000	76,606,000	-133,468,000	-10,800,000	85,856,000	80,664,000	104,278,000			7,675,000			5,801,000		62,283,000		-27,853,000	3,454,000	-7,617,000	-8,890,000	-10,719,000	22,361,000	9,766,000	5,347,000
gain on mortgage loans held-for-sale	1,557,000	1,596,000	883,000	669,000	558,000	927,000																												-3,181,000		-35,142,000	14,323,000
other income	-714,000	4,114,000	1,038,000	761,000	850,000	123,000	226,000	-3,000		2,903,000	2,200,000				-73,000		1,856,000		41,000	-5,742,000	474,000	84,000	66,000	798,000	60,000	495,000	-341,000	123,000	342,000	907,000	730,000	2,793,000		460,000		1,810,000		205,500	731,000	131,000
total other loss	-90,588,250	-46,475,000																					-42,658,000	-1,920,741,000								-57,197,000								-66,711,000
expenses:
compensation and benefits	25,961,000	21,307,000	21,469,000	26,589,000	21,800,000	20,180,000	21,244,000	26,529,000	21,297,000	8,617,000	8,868,000	14,083,000	7,411,000	10,100,000	11,019,000	12,193,000	6,396,000	9,198,000	11,259,000	8,188,000
other operating expenses	25,299,000	23,051,000	21,307,000	20,505,000	19,085,000	18,405,000	17,699,000	21,052,000	23,959,000	15,984,000	11,886,000	10,484,000	15,540,000	10,688,000	9,152,000	6,625,000	6,648,000	7,406,000	7,218,000	7,487,000	-19,266,000	18,976,000	13,838,000	15,797,000	14,142,000	13,344,000	14,013,000	15,556,000	15,943,000	17,033,000	15,515,000	19,371,000	17,644,000	14,534,000		9,486,000	6,561,000	3,350,000	6,546,000	4,181,000	3,601,000	3,246,000	2,850,000	2,155,000	1,512,000
litigation settlement expense		175,065,000
total expenses	51,260,000	219,423,000	242,711,000	47,094,000	40,885,000	38,585,000	38,943,000	47,581,000	-38,203,000	54,504,000	45,944,000	52,933,000	48,223,000	41,940,000	43,162,000	43,522,000	34,626,000	37,645,000	37,157,000	40,622,000	42,380,000	-88,856,000	194,283,000	50,252,000	51,941,000	47,879,000	44,394,000	47,550,000	46,705,000	123,366,000	38,507,000	42,746,000	37,486,000	31,870,000		22,077,000	13,350,000	12,432,000	16,279,000	11,791,000	10,344,000	8,424,000	7,635,000	4,883,000	3,062,000
income before income taxes	17,293,000	-126,717,000	-257,380,000	-78,624,000	307,601,000	-248,943,000	70,537,000	215,559,000	-462,459,000	342,557,000	217,225,000	-180,716,000	-261,743,000	298,635,000	-46,508,000	334,068,000	810,000	66,649,000	-138,874,000	262,834,000	214,987,000	193,712,000	-191,728,000	-1,882,794,000	44,505,000	302,144,000	-88,150,000	-35,974,000				17,415,000	-31,743,000					17,647,500	18,968,000	7,399,000	44,223,000
provision for income taxes	5,576,000	1,204,000	1,661,000	431,000	30,872,000	-10,458,000	14,201,000	11,971,000	-29,259,000	36,365,000	19,780,000	-3,908,000					2,104,000	325,000							-2,372,000	-3,556,000	2,407,000		8,785,500	37,409,000	-6,051,000			-33,902,000		49,119,000					-7,577,000
net income	11,717,000	-127,921,000	-259,041,000	-79,055,000	276,729,000	-238,485,000	56,336,000	203,588,000	-433,200,000	306,192,000	197,445,000	-176,808,000	-270,223,000	277,612,000	-72,420,000	285,270,000	-1,294,000	66,324,000	-117,960,000	240,157,000	211,171,000	201,914,000	-173,564,000	-1,869,656,000	134,754,000	305,700,000	-90,557,000	-25,935,000	-554,535,000	35,946,000	139,490,000	8,658,000	-16,981,000	-80		1,060	470	-102,604,790	26,802,000	24,004,000	51,800,000
yoy	-95.77%	-46.36%	-559.81%	-138.83%	-163.88%	-177.89%	-71.47%	-215.15%	60.31%	10.29%	-372.64%	-161.98%	20782.77%	318.57%	-38.61%	18.78%	-100.61%	-67.15%	-32.04%	-112.84%	56.71%	-33.95%	91.66%	7109.01%	-124.30%	750.44%	-164.92%	-399.55%	3165.62%	-44932600.00%		816692.45%	-3613078.72%	-100.00%		-100.00%	-100.00%
qoq	-109.16%	-50.62%	227.67%	-128.57%	-216.04%	-523.33%	-72.33%	-147.00%	-241.48%	55.08%	-211.67%	-34.57%	-197.34%	-483.34%	-125.39%	-22145.60%	-101.95%	-156.23%	-149.12%	13.73%	4.58%	-216.33%	-90.72%	-1487.46%	-55.92%	-437.58%	249.17%	-95.32%	-1642.69%	-74.23%	1511.11%	-150.99%	21226150.00%			125.53%	-100.00%	-482.83%	11.66%	-53.66%
dividends on preferred stock	-13,042,000	-13,324,000	-13,239,000	-13,186,000	-11,784,000	-11,784,000	-11,784,000	-11,784,000	-12,012,000	-12,115,000	-12,115,000	-12,365,000	-94,849,000	13,747,000	13,748,000	13,747,000	13,747,000	13,748,000	13,747,000	17,216,000	18,951,000	18,950,000	18,951,000	18,950,000	18,950,000	18,951,000	18,950,000	18,950,000	18,950,000	18,951,000	13,747,000	4,285,000
gain on repurchase and retirement of preferred stock								644,000	519,000		2,454,000
net loss attributable to common stockholders	-126,441,500	-141,245,000
basic loss per weighted-average common share		-1,360																					-700	-6,910
diluted loss per weighted-average common share		-1,360																					-700	-6,910
comprehensive income:
other comprehensive income:
unrealized gain on available-for-sale securities	51,754,000	61,038,000	50,473,000	157,172,000	-266,565,000	269,621,000		-103,078,000																					-124,865,000	-119,796,000	-34,887,000	81,628,000		181,735,000		-534,713,000	104,252,000	189,778,000	497,598,000	117,604,000	143,910,000
other comprehensive income	51,754,000	61,038,000	50,473,000	157,172,000	-266,565,000	269,621,000		-103,078,000																					-124,865,000	-119,796,000	-34,887,000	81,628,000		181,735,000		-534,713,000	104,252,000	189,778,000	497,598,000	117,604,000	143,910,000
comprehensive income	63,471,000	-66,883,000	-208,568,000	78,117,000	10,164,000	31,136,000	12,263,000	100,510,000																					2,696,250	-83,850,000	104,603,000	90,286,000		152,590,000		-146,076,000	247,968,000	215,429,500	524,400,000	141,608,000	195,710,000
comprehensive income attributable to common stockholders	50,429,000	-80,207,000	-221,807,000	64,931,000	-1,620,000	19,352,000	479,000	89,370,000																					-8,915,000	-102,801,000	90,856,000	85,959,000
loss on investment securities			-32,830,000	-32,729,000																				-1,081,607,000				-19,292,000
total other income			-151,018,000	-164,860,000	220,387,000	-335,901,000	-23,806,000	146,143,000	162,407,250	446,547,000	304,968,000	-101,886,000	-197,196,000	329,537,000	-23,248,000	355,061,000	22,589,000	90,136,000	-120,753,000	270,073,000	207,508,000	44,325,000			116,477,000	297,310,000	-107,494,000	-70,176,000	-590,696,000	112,514,000	93,174,000		-94,974,000	-143,422,000		339,640,000	49,890,000	75,718,000	-69,760,000		-15,192,000	-8,947,000	14,482,000	-37,853,000	8,825,000
loss contingency accrual			199,935,000
net income attributable to common stockholders			-272,280,000	-92,241,000	264,945,000	-250,269,000	44,552,000	192,448,000	-444,693,000	294,077,000	187,784,000	-189,173,000	-262,439,000	263,865,000	-86,168,000	271,523,000	-15,041,000	52,576,000	-131,707,000	222,941,000	192,220,000	182,964,000	-192,515,000	-1,888,606,000	115,804,000	286,749,000	-109,507,000	-44,885,000	-573,485,000	16,995,000	125,743,000	4,333,000		-29,145,000		388,637,000	143,716,000	189,300,000	26,802,000	24,004,000	51,800,000	51,430,000	54,609,000	-984,000	22,377,000
basic earnings per weighted-average common share	-4,880		-2,620	-890	2,410	-2,420	430	1,850	-1,600	3,040	1,940	-2,050	2,150	3,040	-250	790	430	170	-480	810	-6,240	670				1,050	-400	-180											100
diluted earnings per weighted-average common share	-4,880		-2,620	-890	2,370	-2,420	430	1,730	-1,600	2,810	1,800	-2,050	2,130	2,780	-250	720	430	170	-480	740	-6,240	640				1,000	-400	-180											100
net interest income:
gain on servicing asset				-36,221,000	82,520,000	-133,349,000	-22,857,000	11,012,000	-172,589,000	67,369,000	21,679,000	-28,079,000	-64,085,000	-6,720,000	85,557,000	410,624,000	4,221,750	-42,500,000	-268,051,000	327,438,000					-168,980,000	-234,514,000	-252,432,000	-188,974,000	25,562,750	20,591,000	9,853,000		-76,535,000
weighted-average number of shares of common stock:
basic							103,555,755,000	103,401,940,000	95,672,143,000	96,176,287,000	96,387,877,000	92,575,840,000	86,179,418,000	86,252,104,000	344,277,723,000	343,998,511,000	297,772,001,000	307,773,420,000	273,718,561,000	273,710,765,000	273,600,947,000	273,705,785,000	273,604,079,000	273,392,615,000	267,826,739,000	272,897,575,000	272,863,153,000	252,357,878,000		224,399,436,000	175,451,989,000			365,611,890,000	350,361,827,000	365,589,300,000	305,284,922,000	242,014,751,000	270,005,212,000
diluted							103,910,812,000	112,973,317,000	95,672,143,000	105,628,130,000	106,062,378,000	92,575,840,000	96,076,175,000	96,132,100,000	344,277,723,000	384,822,202,000	298,043,538,000	346,730,073,000	273,718,561,000	311,465,060,000	273,600,947,000	291,876,935,000	273,604,079,000	273,392,615,000	267,826,739,000	291,053,718,000	272,863,153,000	252,357,878,000		224,399,436,000	193,212,877,000			365,611,890,000	350,992,387,000	366,057,203,000	306,963,711,000	242,432,156,000	270,937,960,000
other comprehensive loss:
unrealized loss on available-for-sale securities							-44,073,000
other comprehensive loss							-44,073,000
net interest income								-42,217,000	-45,679,000	-49,486,000	-41,799,000	-25,897,000	-16,324,000	11,038,000	19,902,000	22,529,000	12,847,000	14,158,000	19,036,000	33,383,000	49,859,000	60,531,000	45,213,000	88,199,000	71,154,000	58,663,000	68,586,000	81,958,000	89,654,000	84,302,000	78,946,000	117,787,000	100,807,000	112,457,000		120,603,000	110,999,000	112,963,000	105,566,000	90,377,000	74,034,000	64,068,000	60,521,000	36,965,000	17,371,000
interest income:
available-for-sale securities									77,265,000	107,827,000	104,195,000	97,038,000	83,712,000	88,472,000	55,399,000	44,647,000	32,729,000	35,837,000	43,092,000	55,652,000	72,071,000	89,200,000	105,730,000	248,684,000	230,567,000	242,023,000	253,807,000	235,886,000	242,535,000	230,607,000	183,467,000	150,166,000	101,512,000	123,913,000		134,651,000	130,292,000	135,466,000	124,621,000	104,319,000	84,214,000	71,713,000	65,919,000	39,959,000	19,535,000
other									12,225,750	15,781,000	13,567,000	19,555,000	15,591,000	5,916,000	1,604,000	199,000	276,000	203,000	351,000	457,000	429,000	516,000	1,597,000	6,823,000	7,871,000	7,717,000	7,222,000	9,597,000	10,408,000	5,759,000	3,544,000
total interest income									89,490,750	123,608,000	117,762,000	116,593,000	99,303,000	94,388,000	57,003,000	44,846,000	33,005,000	36,040,000	43,443,000	56,109,000	72,500,000	89,716,000	107,327,000	255,507,000	238,438,000	249,740,000	261,029,000	245,483,000	251,955,000	236,698,000	187,360,000	208,561,000	154,776,000	138,535,000		145,325,000	134,835,000	137,332,000	126,309,000	105,904,000	85,501,000	73,197,000	67,739,000	40,828,000	19,870,000
interest expense:
repurchase agreements									87,649,750	129,298,000	116,946,000	104,355,000	81,975,000	57,868,000	19,269,000	8,343,000	4,562,000	5,761,000	6,981,000	8,470,000	11,001,000	18,652,000	50,811,000	152,605,000	152,919,000	176,450,000	177,351,000	147,560,000	146,702,000	138,343,000	97,812,000	49,299,000	22,697,000	20,572,000		22,553,000	23,018,000
revolving credit facilities									21,966,500	32,526,000	29,684,000	25,656,000	21,854,000	15,178,000	9,106,000	5,676,000	5,050,000	5,605,000	7,075,000	4,695,000	3,513,000	2,391,000	2,826,000	3,531,000	4,038,000	3,964,000	6,196,000	5,156,000	5,044,000	3,973,000	999,000	597,000
term notes payable									5,629,000	6,634,000	8,239,000	7,643,000	6,906,000	5,427,000	3,925,000	3,256,000	3,251,000	3,249,000	3,225,000	3,211,000	3,296,000	3,321,000	3,553,000	4,804,000	5,002,000	5,475,000	231,000
convertible senior notes									3,541,000	4,636,000	4,692,000	4,836,000	4,892,000	4,877,000	4,801,000	5,042,000	7,295,000	7,267,000	7,126,000	6,350,000	4,831,000	4,821,000	4,769,000	4,776,000	4,811,000	4,797,000	4,724,000	4,735,000	4,793,000	4,779,000	4,707,000	4,591,000
total interest expense									118,786,250	173,094,000	159,561,000	142,490,000	115,627,000	83,350,000	37,101,000	22,317,000	20,158,000	21,882,000	24,407,000	22,726,000	22,641,000	29,185,000	62,114,000	167,308,000	167,284,000	191,077,000	192,443,000	163,525,000	162,301,000	152,396,000	108,414,000	90,774,000	53,969,000	26,078,000		24,722,000	23,836,000
servicing expenses									20,864,750	29,903,000	25,190,000	28,366,000	25,272,000	21,152,000	22,991,000	24,704,000	21,582,000	21,041,000	18,680,000	24,947,000	24,217,000	26,197,000	23,947,000	19,905,000	20,253,000	17,696,000	16,746,000	19,912,000	18,610,000	16,433,000	11,539,000	11,603,000	7,576,000	5,225,000
dividends declared per common share									375	450	450		510	680	170	170	127.5	170	170	170	82.5	140	190		317.5	400	400	470	352.5	470	470	260	230	260		310	320	550	360	400	400	400	400	400	400
loss on interest rate swap and swaption agreements												-82,154,000				-38,041,000				-15,599,000												-76,710,000						-6,096,000	-76,472,000	-61,014,000		-22,045,000	-39,311,000	-50,808,000
loss on other derivative instruments												-155,771,000				-101,762,000				-276,011,000									-3,933,750	-31,463,000		-19,540,000	-48,051,000				-16,662,000
other loss													-29,250			-44,000																	-9,561,000								-40,000
benefit from income taxes													8,480,000	21,023,000	25,912,000	48,798,000				22,677,000	-9,876,000	-8,202,000		-13,138,000								8,757,000	-14,762,000				4,964,000			-16,605,000		6,170,000	-9,388,000	5,081,000	-757,000
federal home loan bank advances																							155,000	1,592,000	514,000	391,000	3,941,000	6,074,000	5,762,000	5,301,000	4,896,000	11,444,000	6,088,000	153,000
management fees																						5,759,000	11,429,000	14,550,000	17,546,000	16,839,000	13,635,000	12,082,000	12,152,000	-5,041,000	11,453,000	11,772,000	11,837,000	12,111,000		12,591,000	4,761,000	9,082,000	9,733,000	7,610,000	6,743,000	5,178,000	4,785,000	2,728,000	1,550,000
restructuring charges																					-294,000	-139,788,000	145,069,000							8,238,000
(benefit from) benefit from income taxes																			-20,914,000				-18,164,000					-10,039,000										-8,004,000	-7,834,000
other-than-temporary impairments:
total other-than-temporary impairment losses																									-3,308,000	-5,950,000	-4,848,000	-206,000	-107,000	-95,000	-174,000	-429,000	-90,000	-212,000		-1,426,000	-236,000					-916,250	-3,371,000	-294,000
gain on interest rate swap, cap and swaption agreements																					-14,689,000	1,401,000			-6,875,000	70,620,000	-88,775,000	-83,259,000	-239,492,000	75,857,000
loss on interest rate swap, cap and swaption agreements																							-46,922,000	-250,596,000
acquisition transaction costs																														86,703,000
residential mortgage loans held-for-investment in securitization trusts																																30,826,000	34,499,000
residential mortgage loans held-for-sale																													247,000	332,000	349,000	503,000	4,960,000
collateralized borrowings in securitization trusts																																24,843,000	25,184,000	5,353,000
income from continuing operations before income taxes																													-547,854,000	73,355,000	133,439,000			-63,047,000		436,740,000	147,303,000
net income from continuing operations																													-554,535,000	35,946,000	139,490,000			-29,145,000		387,621,000	142,339,000
income from discontinued operations, net of tax
income from discontinued operations attributable to noncontrolling interest
net income attributable to two harbors investment corp.																													-554,535,000	35,946,000	139,490,000	8,618,000
basic earnings per weighted-average common share:
continuing operations																													605	80	720			-80		1,060	470
discontinued operations
diluted earnings per weighted-average common share:
other comprehensive income, net of tax:
comprehensive income attributable to noncontrolling interest																																42,000
comprehensive income attributable to two harbors investment corp.																													2,696,250	-83,850,000	104,603,000	90,244,000
commercial real estate assets																																25,840,000	13,300,000
cash and cash equivalents																																1,226,000	505,000	217,000		250,000	307,000	324,000	243,000	209,000	168,000	106,000	114,000	64,000	63,000
gain on residential mortgage loans held-for-sale																																333,000	7,734,000
securitization deal costs																																	429,000				2,028,000
net income attributable to noncontrolling interest																																40,000
basic and diluted earnings per weighted-average common share																																10	-50							110	280	1,290	420	-10	490
basic and diluted weighted-average number of shares of common stock outstanding																																348,946,335,000	347,597,955,000
trading securities																																		1,926,000		1,261,000	1,264,000	1,295,000	1,278,000	1,250,000	1,050,000	1,376,000	1,706,000	805,000	272,000
non-credit portion of loss recognized in other comprehensive income
net other-than-temporary credit impairment losses																																	-90,000	-212,000		-1,426,000	-236,000	-1,642,000	-559,000	-4,476,000	-4,275,000	-1,437,000	-3,371,000	-294,000
mortgage loans held-for-sale																																		4,586,000		4,794,000	1,318,000	247,000	167,000	126,000	69,000
mortgage loans held-for-investment in securitization trusts																																		7,893,000
income from discontinued operations																																				1,016,000	1,377,000
mortgage loans held-for-investment in securitization trust																																				4,369,000	1,654,000
collateralized borrowings in securitization trust																																				2,169,000	818,000
gain on mortgage loans held-for-investment and collateralized borrowings in securitization trust																																					6,289,000
total other-than temporary impairment losses																																						-1,642,000	-559,000	-4,476,000	-4,275,000
basic and diluted weighted-average number of shares of common stock																																								214,810,579,000	186,855,589,000	98,826,868,000	130,607,566,000	77,101,606,000	45,612,376,000
net income before income taxes																																										20,266,500	63,997,000	-6,065,000	23,134,000

Balance Sheets:

Quarterly

Annual

Unit: USD	2025-12-31	2025-09-30	2025-06-30	2025-03-31	2024-12-31	2024-09-30	2024-06-30	2024-03-31	2023-12-31	2023-09-30	2023-06-30	2023-03-31	2022-12-31	2022-09-30	2022-06-30	2022-03-31	2021-12-31	2021-09-30	2021-06-30	2021-03-31	2020-12-31	2020-09-30	2020-06-30	2020-03-31	2019-12-31	2019-09-30	2019-06-30	2019-03-31	2018-12-31	2018-09-30	2018-06-30	2018-03-31	2017-06-30	2016-06-30	2014-03-31	2013-12-31	2013-06-30	2013-03-31	2012-12-31	2012-09-30	2012-06-30	2012-03-31	2011-12-31	2011-09-30	2011-06-30	2011-03-31	2010-12-31	2009-09-30

assets
available-for-sale securities, at fair value	6,514,471,000	6,348,157,000	8,320,757,000	8,606,870,000	7,371,711,000	8,506,102,000	8,029,955,000	8,182,544,000	8,327,149,000	8,830,726,000	8,963,203,000	8,960,820,000	7,778,734,000	9,473,843,000	8,789,437,000	6,970,718,000	7,161,703,000	6,664,744,000	7,840,046,000	11,473,390,000	14,650,922,000	16,574,321,000	17,673,289,000	17,733,059,000	31,406,328,000	28,318,558,000	30,186,079,000	25,077,710,000	25,552,604,000	25,938,916,000	19,293,354,000	21,059,377,000	16,427,710,000	13,656,610,000	12,634,056,000	12,256,727,000	14,892,315,000	14,963,531,000	13,666,954,000	14,969,859,000	10,724,149,000	9,171,511,000	6,249,252,000	6,412,895,000	4,500,825,000	2,882,992,000	1,354,405,000
mortgage servicing rights, at fair value	2,421,910,000	2,626,706,000	3,015,643,000	2,959,773,000	2,994,271,000	2,884,304,000	3,065,415,000	3,084,879,000	3,052,016,000	3,213,113,000	3,273,956,000	3,072,445,000	2,984,937,000	3,021,790,000	3,226,191,000	3,089,963,000	2,191,578,000	2,213,312,000	2,020,106,000	2,091,761,000	1,596,153,000	1,257,503,000	1,279,195,000	1,505,163,000	1,909,444,000	1,651,556,000	1,800,826,000	2,014,370,000	1,993,440,000	1,664,024,000	1,450,261,000	1,301,023,000	898,025,000	427,813,000	476,663,000	514,402,000
mortgage loans held-for-sale, at fair value	13,630,000	12,635,000	9,888,000	8,406,000	2,334,000	3,344,000																													161,021,000	544,581,000	958,201,000	192,417,000	58,607,000	14,553,000	11,378,000	5,711,000	5,782,000
cash and cash equivalents	842,319,000	770,533,000	657,816,000	573,882,000	504,613,000	522,581,000	624,199,000	666,244,000	729,732,000	644,184,000	699,081,000	708,210,000	683,479,000	732,482,000	511,889,000	620,214,000	1,153,856,000	1,076,216,000	1,281,230,000	1,159,306,000	1,384,764,000	1,615,074,000	1,615,639,000	1,206,889,000	558,136,000	740,698,000	433,579,000	512,183,000	409,758,000	422,851,000	417,515,000	388,450,000	651,707,000	692,188,000	1,540,431,000	1,025,487,000	917,224,000	1,140,706,000	821,108,000	833,608,000	496,674,000	545,688,000	360,016,000	409,947,000	181,909,000	302,263,000	163,900,000
restricted cash	219,633,000	116,388,000	140,481,000	123,843,000	313,028,000	89,125,000	162,623,000	72,184,000	65,101,000	400,777,000	322,603,000	117,351,000	443,026,000	842,534,000	627,725,000	855,930,000	934,814,000	783,974,000	866,547,000	812,654,000	1,261,667,000	596,951,000	434,644,000	680,395,000	1,058,690,000	509,689,000	358,109,000	266,752,000	688,006,000	888,632,000	564,705,000	712,791,000	249,728,000	363,166,000	220,202,000	401,647,000	685,965,000	277,428,000	302,322,000	206,190,000	138,336,000	154,283,000	166,587,000	164,276,000	89,243,000	38,991,000	22,548,000
accrued interest receivable	29,229,000	28,325,000	36,768,000	39,277,000	33,331,000	36,561,000	35,993,000	35,487,000	35,339,000	39,038,000	39,700,000	40,826,000	36,018,000	37,701,000	30,254,000	25,160,000	26,266,000	27,676,000	31,571,000	40,527,000	47,174,000	50,140,000	53,480,000	57,854,000	92,634,000	87,321,000	97,631,000	77,934,000	86,589,000	85,257,000	61,108,000	67,370,000	74,156,000	63,915,000	46,724,000	50,303,000	54,080,000	47,089,000	42,613,000	46,919,000	35,954,000	30,801,000	23,437,000	25,510,000	17,717,000	11,010,000	5,383,000
due from counterparties	379,259,000	505,353,000	285,570,000	920,391,000	386,464,000	298,283,000	372,192,000	545,312,000	323,224,000	315,467,000	248,607,000	317,905,000	253,374,000	215,473,000	186,156,000	302,302,000	168,449,000	336,554,000	85,177,000	60,293,000	146,433,000	118,819,000	72,010,000	581,355,000	318,963,000	314,871,000	983,429,000	35,816,000	154,626,000	1,217,828,000	35,385,000	85,319,000	39,618,000	12,977,000	74,997,000	25,087,000	17,210,000	15,499,000	39,974,000	28,965,000	81,039,000	50,738,000	32,587,000	33,918,000		21,459,000	12,304,000
derivative assets, at fair value	87,549,000	135,431,000	88,651,000	27,550,000	10,114,000	12,572,000	13,519,000	24,397,000	85,291,000	20,592,000	16,469,000	66,013,000	26,438,000	18,406,000	29,330,000	58,496,000	80,134,000	53,044,000	60,376,000	55,145,000	95,937,000	97,889,000	110,527,000	117,368,000	188,051,000	230,620,000	246,995,000	336,112,000	319,981,000	403,231,000	257,917,000	274,048,000	240,502,000	223,985,000	429,419,000	549,859,000	699,351,000	511,749,000	462,080,000	496,788,000	361,073,000	340,715,000	251,856,000	245,314,000	190,416,000	106,153,000	38,109,000
reverse repurchase agreements	157,120,000	158,135,000	228,587,000	227,818,000	355,975,000	359,180,000	349,660,000	351,843,000	284,091,000	282,767,000	289,288,000	483,916,000	1,066,935,000	207,206,000	158,971,000	138,625,000	134,682,000	85,000,000	70,000,000	76,000,000	91,525,000	82,410,000	76,416,000	147,651,000	220,000,000	180,575,000	109,500,000		761,815,000	759,375,000
other assets	194,097,000	164,744,000	174,977,000	195,503,000	232,478,000	175,790,000	196,161,000	199,035,000	236,857,000	170,065,000	157,092,000	172,805,000	193,219,000	146,122,000	177,497,000	212,400,000	262,823,000	244,028,000	247,059,000	222,839,000	241,346,000	194,543,000	167,122,000	172,914,000	169,376,000	130,339,000	124,088,000	179,673,000	165,660,000	122,428,000	166,930,000	159,359,000	264,482,000	317,635,000	60,888,000	13,199,000	13,886,000	49,020,000	82,586,000	74,445,000	60,998,000	23,338,000	7,566,000	619,000	5,433,000	574,000	1,260,000
total assets	10,859,217,000	10,866,407,000	12,959,138,000	13,683,313,000	12,204,319,000	12,887,842,000	12,849,717,000	13,161,925,000	13,138,800,000	13,916,729,000	14,009,999,000	13,940,291,000	13,466,160,000	14,695,557,000	13,737,450,000	12,273,808,000	12,114,305,000	11,484,548,000	12,502,112,000	15,991,915,000	19,515,921,000	20,587,650,000	21,482,322,000	22,202,648,000	35,921,622,000	32,164,227,000	34,340,236,000	28,500,550,000	30,132,479,000	31,530,079,000	22,275,988,000	24,077,165,000	23,781,033,000	20,740,438,000	17,425,798,000	17,173,862,000	19,640,751,000	19,002,891,000	16,813,944,000	17,864,695,000	12,980,702,000	11,330,982,000	8,100,384,000	8,818,809,000	6,007,937,000	3,662,704,000	1,797,432,000	260,752,499
liabilities and stockholders’ equity
liabilities:
repurchase agreements	7,255,540,000	7,104,650,000	8,782,622,000	9,740,830,000	7,805,057,000	8,763,400,000	8,434,910,000	8,361,638,000	8,020,207,000	9,113,270,000	9,067,824,000	9,084,712,000	8,603,011,000	10,034,018,000	7,958,247,000	7,872,656,000	7,656,445,000	7,123,701,000	8,350,622,000	11,676,062,000	15,143,898,000	16,376,696,000	16,991,248,000	17,795,516,000	29,147,463,000	25,567,136,000	28,168,044,000	19,729,691,000	23,133,476,000	23,806,631,000	17,205,823,000	19,148,679,000	13,316,881,000	9,669,848,000	12,021,177,000	12,250,450,000	14,903,155,000	13,444,565,000	12,624,510,000	14,034,327,000	10,438,441,000	8,693,756,000	6,660,148,000	7,300,613,000	4,827,202,000	2,616,031,000	1,169,803,000
revolving credit facilities	919,371,000	945,371,000	1,011,871,000	933,171,000	1,020,171,000	999,171,000	1,279,271,000	1,357,671,000	1,329,171,000	1,410,671,000	1,455,421,000	1,292,831,000	1,118,831,000	1,131,161,000	825,761,000	570,761,000	420,761,000	420,761,000	533,519,000	443,458,000	283,830,000	274,830,000	267,181,000	252,143,000	300,000,000	300,000,000		375,294,000	310,000,000	310,000,000	170,000,000	20,000,000	40,000,000
warehouse lines of credit	9,406,000	8,452,000	9,275,000
senior notes	111,055,000	110,866,000	110,867,000
convertible senior notes	261,810,000	261,370,000	260,944,000	260,591,000	260,229,000	259,815,000	259,412,000	268,953,000	268,582,000	268,179,000	267,791,000	282,840,000	282,496,000	282,096,000	281,711,000	281,403,000	424,827,000	424,270,000	423,742,000	423,337,000	286,183,000	285,843,000	285,515,000	285,238,000	284,954,000	284,635,000	284,331,000	284,099,000	283,856,000	283,555,000	283,268,000	283,054,000	282,290,000
derivative liabilities, at fair value	4,254,000	7,720,000	2,701,000	3,097,000	24,897,000	16,764,000	14,264,000	3,027,000	21,506,000	23,550,000	14,976,000	1,693,000	34,048,000	107,379,000	110,764,000	127,529,000	53,658,000	82,895,000	14,208,000	16,162,000	11,058,000	3,551,000	1,298,000	176,156,000	6,740,000	17,201,000	255,000	231,000	820,590,000	797,504,000	39,429,000	46,074,000	2,580,000	160,724,000	8,395,000	22,081,000	46,028,000	45,423,000	129,294,000	132,322,000	82,619,000	47,475,000	49,080,000	46,182,000	38,892,000
due to counterparties	215,814,000	390,599,000	388,508,000	289,457,000	648,643,000	386,141,000	352,117,000	330,551,000	574,735,000	312,248,000	267,050,000	347,337,000	541,709,000	348,176,000	1,460,561,000	187,891,000	196,627,000	112,255,000	119,472,000	144,270,000	135,838,000	109,200,000	419,092,000	200,729,000	259,447,000	231,021,000	255,281,000	2,175,221,000	130,210,000	556,992,000	25,957,000	39,809,000	36,858,000	227,354,000	195,928,000	318,848,000	340,043,000	535,971,000	412,861,000	170,090,000	166,949,000	413,086,000	45,565,000	90,880,000	199,554,000	338,148,000	231,724,000
dividends payable	48,932,000	49,030,000	54,195,000	60,402,000	58,725,000	58,730,000	58,729,000	58,685,000	58,731,000	55,675,000	55,675,000	70,746,000	64,504,000	72,802,000	72,591,000	72,558,000	72,412,000	67,311,000	60,507,000	60,384,000	65,480,000	57,268,000	57,269,000		128,125,000	128,109,000	128,110,000	147,179,000	135,551,000	96,259,000	96,219,000	96,201,000	95,049,000	79,953,000	95,172,000		113,378,000	485,791,000	164,347,000	106,325,000	87,061,000	85,683,000	56,239,000	56,235,000	36,911,000	16,200,000	10,450,000
accrued interest payable	81,914,000	45,226,000	80,167,000	75,354,000	85,994,000	76,868,000	85,680,000	79,990,000	141,773,000	90,709,000	120,504,000	74,916,000	94,034,000	48,592,000	21,826,000	9,991,000	18,382,000	10,523,000	17,956,000	11,906,000	21,666,000	12,304,000	36,710,000	79,543,000	149,626,000	122,793,000	145,850,000	109,313,000	160,005,000	117,008,000	84,296,000	85,405,000			16,069,000	20,277,000	17,510,000	19,348,000	19,060,000	13,147,000	11,545,000	9,314,000	6,456,000	5,442,000	2,870,000	1,305,000	785,000
other liabilities	163,194,000	171,406,000	172,027,000	165,651,000	176,062,000	154,562,000	170,037,000	165,820,000	225,434,000	230,174,000	146,096,000	141,207,000	145,991,000	129,159,000	124,982,000	124,641,000	130,464,000	111,465,000	101,848,000	99,729,000	83,433,000	52,958,000	193,025,000	64,418,000	70,299,000	49,517,000	45,530,000	40,274,000	39,278,000	21,124,000	25,727,000	25,234,000	104,203,000	72,630,000	46,624,000	67,480,000	23,502,000							4,579,000		2,455,000	159,000
total liabilities	9,071,290,000	9,094,690,000	11,073,112,000	11,536,524,000	10,081,810,000	10,718,468,000	10,654,420,000	10,921,855,000	10,935,410,000	11,799,501,000	11,793,990,000	11,694,608,000	11,282,635,000	12,551,080,000	11,253,826,000	9,644,504,000	9,370,352,000	8,749,660,000	10,018,057,000	13,271,199,000	16,426,995,000	17,567,978,000	18,646,386,000	19,298,515,000	30,951,156,000	27,144,647,000	29,471,462,000	23,726,326,000	25,877,990,000	26,854,097,000	18,795,743,000	20,609,480,000	19,996,924,000	17,322,370,000	13,506,794,000	13,318,867,000	15,806,628,000	14,937,812,000	13,363,367,000	14,473,219,000	10,798,045,000	9,258,809,000	6,830,298,000	7,511,678,000	5,110,356,000	2,977,136,000	1,414,984,000
commitments and contingencies
stockholders’ equity:
preferred stock, par value 0.01 per share...	601,467,000	601,467,000	601,467,000	601,467,000	601,467,000	601,467,000	601,467,000	601,467,000	613,213,000	618,579,000	618,579,000	630,999,000	630,999,000	702,550,000	702,550,000	702,550,000	702,550,000	702,550,000	702,550,000	702,550,000	977,501,000	977,501,000	977,501,000	977,501,000	977,501,000	977,501,000	977,501,000	977,501,000	977,501,000	977,550,000			138,872,000
common stock, par value 0.01 per share...	1,048,000	1,041,000	1,041,000	1,040,000	1,037,000	1,037,000	1,036,000	1,035,000	1,032,000	962,000	962,000	967,000	864,000	864,000	3,444,000	3,441,000	3,439,000	3,139,000	2,737,000	2,737,000	2,737,000	2,737,000	2,737,000	2,735,000	2,729,000	2,729,000	2,729,000	2,728,000	2,481,000	2,481,000	1,755,000	1,754,000	3,490,000	3,476,000	3,660,000	3,649,000	3,657,000	3,621,000	2,988,000	2,954,000	2,196,000	2,142,000		1,406,000
additional paid-in capital	5,948,478,000	5,946,814,000	5,945,210,000	5,943,211,000	5,936,609,000	5,934,920,000	5,933,250,000	5,931,558,000	5,925,424,000	5,826,133,000	5,824,509,000	5,829,676,000	5,645,998,000	5,643,493,000	5,633,201,000	5,629,661,000	5,625,179,000	5,429,155,000	5,170,387,000	5,165,683,000	5,163,794,000	5,161,491,000	5,158,559,000	5,156,151,000	5,154,764,000	5,151,554,000	5,149,175,000	5,146,508,000	4,809,616,000	4,806,520,000	3,678,586,000	3,674,411,000	3,654,653,000	3,652,256,000	3,801,952,000	3,795,372,000	3,803,013,000	3,774,548,000	2,948,345,000	2,910,293,000	2,142,554,000	2,064,423,000	1,373,099,000	1,372,944,000	889,679,000	654,514,000	366,974,000	181,058,409
accumulated other comprehensive loss	-87,000	-51,841,000	-112,879,000	-163,352,000	-320,524,000	-53,959,000	-323,580,000	-279,507,000	-176,429,000	-660,008,000	-309,086,000	-152,780,000
cumulative earnings	1,194,485,000	1,182,768,000	1,310,689,000	1,569,730,000	1,648,785,000	1,372,056,000	1,610,541,000	1,554,205,000	1,349,973,000	1,782,654,000	1,476,462,000	1,276,563,000	1,453,371,000	1,703,445,000	1,425,833,000	1,498,253,000	1,212,983,000	1,214,277,000	1,147,953,000	1,265,913,000	1,025,756,000	814,585,000	612,671,000	786,235,000	2,655,891,000	2,521,137,000	2,215,437,000	2,305,994,000	2,332,371,000	2,886,906,000	2,850,985,000	2,711,495,000	2,118,636,000	1,578,844,000	999,252,000	1,028,397,000	981,711,000	593,074,000	449,358,000	260,058,000	233,256,000	209,252,000	157,452,000	106,022,000	51,413,000	52,397,000	30,020,000	685,287
cumulative distributions to stockholders	-5,957,464,000	-5,908,532,000	-5,859,502,000	-5,805,307,000	-5,744,865,000	-5,686,147,000	-5,627,417,000	-5,568,688,000	-5,509,823,000	-5,451,092,000	-5,395,417,000	-5,339,742,000	-5,268,996,000	-5,204,492,000	-5,131,694,000	-5,059,102,000	-4,986,544,000	-4,914,132,000	-4,846,821,000	-4,786,315,000	-4,722,463,000	-4,656,982,000	-4,599,656,000	-4,509,819,000	-4,509,819,000	-4,381,695,000	-4,253,586,000	-4,125,476,000	-3,978,297,000	-3,842,746,000	-3,718,698,000	-3,622,479,000	-2,681,847,000	-2,336,205,000	-1,512,330,000	-1,417,158,000	-1,220,255,000	-1,106,874,000	-646,572,000	-482,225,000	-375,899,000	-288,838,000	-203,155,000	-146,916,000	-90,682,000	-53,770,000	-37,570,000
total stockholders’ equity	1,787,927,000	1,771,717,000	1,886,026,000	2,146,789,000	2,122,509,000	2,169,374,000	2,195,297,000	2,240,070,000	2,203,390,000	2,117,228,000	2,216,009,000	2,245,683,000	2,183,525,000	2,144,477,000	2,483,624,000	2,629,304,000	2,743,953,000	2,734,888,000	2,484,055,000	2,720,716,000	3,088,926,000	3,019,672,000	2,835,936,000	2,904,133,000	4,970,466,000	5,019,580,000	4,868,774,000	4,774,224,000	4,254,489,000	4,675,982,000	3,480,245,000	3,467,685,000	3,588,421,000	3,418,068,000	3,919,004,000	3,854,995,000	3,834,123,000	4,065,079,000	3,450,577,000	3,391,476,000	2,182,657,000	2,072,173,000	1,270,086,000	1,307,131,000	897,581,000	685,568,000	382,448,000	181,746,200
total liabilities and stockholders’ equity	10,859,217,000	10,866,407,000	12,959,138,000	13,683,313,000	12,204,319,000	12,887,842,000	12,849,717,000	13,161,925,000	13,138,800,000	13,916,729,000	14,009,999,000	13,940,291,000	13,466,160,000	14,695,557,000	13,737,450,000	12,273,808,000	12,114,305,000	11,484,548,000	12,502,112,000	15,991,915,000	19,515,921,000	20,587,650,000	21,482,322,000	22,202,648,000	35,921,622,000	32,164,227,000	34,340,236,000	28,500,550,000	30,132,479,000	31,530,079,000	22,275,988,000	24,077,165,000		20,740,438,000	17,425,798,000	17,173,862,000	19,640,751,000	19,002,891,000	16,813,944,000	17,864,695,000	12,980,702,000	11,330,982,000	8,100,384,000	8,818,809,000	6,007,937,000	3,662,704,000	1,797,432,000	260,752,499
loss contingency accrual			199,935,000
warehouse facilities				7,971,000	2,032,000	3,017,000
term notes payable								295,520,000	295,271,000	295,025,000	398,653,000	398,326,000	398,011,000	397,697,000	397,383,000	397,074,000	396,776,000	396,479,000	396,183,000	395,891,000	395,609,000	395,328,000	395,048,000	394,772,000	394,502,000	394,235,000	394,061,000
accumulated other comprehensive income													-278,711,000	-701,383,000	-149,710,000	-145,499,000	186,346,000	299,899,000	307,249,000	370,148,000	641,601,000	720,340,000	684,124,000	491,330,000	689,400,000	748,354,000	777,518,000	466,969,000	110,817,000	-154,729,000	-34,933,000	-46,000	354,617,000	519,697,000	626,470,000	444,735,000	265,997,000	800,710,000	696,458,000	700,396,000	202,798,000	85,194,000	-58,716,000	-26,325,000	46,248,000	31,734,000	22,619,000
federal home loan bank advances																								50,000,000	210,000,000	50,000,000	50,000,000	865,024,000	865,024,000	865,024,000	865,024,000	865,024,000	3,238,762,000	4,000,000,000	464,476,000
liabilities
stockholders’ equity
residential mortgage loans held-for-sale, at fair value																														27,537,000	28,813,000	29,428,000	31,946,000	609,060,000
8.125% series a cumulative redeemable: 5,750,000 and 5,750,000 shares issued and outstanding, respectively																															138,872,000	138,872,000
7.625% series b cumulative redeemable: 11,500,000 and 11,500,000 shares issued and outstanding, respectively																															278,094,000	278,094,000
7.25% series c cumulative redeemable: 11,800,000 and 11,800,000 shares issued and outstanding, respectively																															285,584,000	285,584,000
commercial real estate assets																																	1,782,749,000	926,377,000
residential mortgage loans held-for-investment in securitization trusts, at fair value																																	3,120,410,000	3,446,712,000
liabilities and equity
collateralized borrowings in securitization trusts, at fair value																																	2,880,301,000	3,111,861,000	658,953,000	639,731,000
noncontrolling interest																																	195,688,000
total equity																																	3,784,109,000
total liabilities and equity																																	23,781,033,000
trading securities, at fair value																																			1,000,312,000	1,000,180,000	1,001,172,000	1,002,414,000	1,002,062,000	1,002,461,000	999,375,000	1,002,090,000	1,003,301,000	1,526,330,000	1,022,394,000	299,262,000	199,523,000
mortgage loans held-for-investment in securitization trusts, at fair value																																			781,085,000	792,390,000
equity securities, at fair value																																						368,970,000	335,638,000
mortgage loans held-for-investment in securitization trust, at fair value																																					401,347,000	434,068,000
collateralized borrowings in securitization trust, at fair value																																					363,012,000	397,229,000
accrued expenses																																						9,485,000	13,295,000	17,008,000	11,164,000	9,495,000	8,912,000
income taxes payable																																									266,000		3,898,000		6,000
investment in real estate																																								190,907,000	71,726,000	6,107,000
receivable from issuance of common stock																																									-22,248,000
total earning assets																																											7,618,351,000	8,349,172,000	5,705,128,000	3,484,517,000	1,717,828,000
preferred stock, par value 0.01per share; 50,000,000 shares authorized; no shares issued and outstanding
common stock																																											1,406,000		923,000	693,000	405,000	77,832,556
accrued expenses and other liabilities																																												7,747,000	4,921,000	2,997,000	2,063,000
current assets
cash																																																1,253,979
cash held in trust account, interest and dividend income available for taxes																																																21,755
other current assets																																																34,877
total current assets																																																1,310,611
cash held in trust account, restricted																																																259,027,351
prepaid income taxes																																																414,537
current liabilities
accounts payable and accrued expenses																																																1,173,743
total current liabilities																																																1,173,743
registered preferred stock of capitol acquisition corp., par value 0.0001...
registered common stock of capitol acquisition corp., par value 0.0001...																																																2,494
privately issued common stock, 0.01 par, 1,000 shares authorized, issued, and outstanding to pine river capital management																																																10

Cashflow Statements:

Quarterly

Annual

Unit: USD	2025-12-31	2025-09-30	2025-06-30	2025-03-31	2024-12-31	2024-09-30	2024-06-30	2024-03-31	2023-12-31	2023-09-30	2023-06-30	2023-03-31	2022-12-31	2022-09-30	2022-06-30	2022-03-31	2021-12-31	2021-09-30	2021-06-30	2021-03-31	2020-12-31	2020-09-30	2020-06-30	2020-03-31	2019-12-31	2019-09-30	2019-06-30	2019-03-31	2018-12-31	2018-09-30	2018-06-30	2018-03-31	2016-06-30	2014-03-31	2013-06-30	2013-03-31	2012-12-31	2012-09-30	2012-06-30	2012-03-31	2011-12-31	2011-09-30	2011-06-30	2011-03-31

cash flows from operating activities:
net income	11,717,000	-127,921,000	-259,041,000	-79,055,000	276,729,000	-238,485,000	56,336,000	203,588,000	-433,200,000	306,192,000	197,445,000	-176,808,000	-270,223,000	277,612,000	-72,420,000	285,270,000	-1,294,000	66,324,000	-117,960,000	240,157,000	211,171,000	201,914,000	-173,564,000	-1,869,656,000		305,700,000	-90,557,000	-25,935,000					-76,766,000	-29,145,000	388,637,000	143,716,000	189,300,000	26,802,000	24,004,000	51,800,000	51,430,000	54,609,000	-984,000	22,377,000
adjustments to reconcile net income to net cash from operating activities:
amortization of premiums and discounts on investment securities	4,839,000	4,092,000	5,206,000	4,123,000	4,373,000	4,644,000	3,197,000	3,559,000	3,720,000	5,860,000	7,848,000	7,978,000	9,540,000	14,967,000	22,783,000	32,504,000	42,338,000	51,425,000	62,626,000	71,955,000	71,231,000	65,047,000	61,175,000	41,387,000	47,922,000	54,049,000	43,074,000	22,052,000	20,389,000	28,550,000	22,805,000	22,086,000
amortization of deferred debt issuance costs on term notes payable and convertible senior notes					414,000	403,000	616,000	620,000	649,000	633,000	648,000	659,000	714,000	699,000	617,000	648,000	854,000	824,000	679,000	642,000	621,000	608,000	553,000	554,000	584,000
(reversal of) provision for credit losses on investment securities									-328,000	-98,000	23,000	-142,000
realized and unrealized losses on investment securities	14,440,000	16,278,000	32,946,000	32,635,000	7,725,000	-1,107,000	22,266,000	10,895,000	82,797,000	569,000	-2,195,000	-10,656,000												1,035,969,000			-22,441,000	19,292,000	247,626,000	42,996,000	32,545,000	21,301,000		38,655,000
loss on servicing asset	65,213,000	104,896,000	35,902,000	36,221,000	-82,520,000	133,349,000	22,857,000	-11,012,000			-21,679,000	28,079,000									-2,522,000	112,763,000	238,791,000	586,665,000									145,215,000	32,760,000
realized and unrealized losses on derivative instruments
gains on mortgage loans held-for-sale	-1,771,000				-569,000
gain on repurchase of term notes payable and convertible senior notes					0	0
equity based compensation	3,352,000	1,544,000	1,932,000	6,523,000	1,610,000	1,610,000	1,643,000	6,083,000	1,613,000	1,576,000	1,735,000	6,052,000	1,653,000	2,355,000	3,461,000	4,161,000	2,525,000	2,559,000	4,611,000	1,790,000	2,243,000	2,857,000	2,315,000	2,315,000	2,623,000	2,181,000	2,497,000	1,861,000	3,210,000	3,387,000	4,057,000	2,341,000	1,273,000	6,481,000
originations and purchases of mortgage loans held-for-sale	-93,807,000	-49,753,000	-48,669,000	-28,870,000	-41,972,000
proceeds from sales of mortgage loans held-for-sale	94,062,000	47,935,000	46,219,000	23,113,000	43,310,000																													403,336,000	0	25,404,000
proceeds from repayment of mortgage loans held-for-sale	3,000	3,000	1,368,000	1,000	2,000																													6,296,000	7,365,000	2,284,000	3,481,000	1,014,000	1,000,000	26,000
net change in assets and liabilities:
decrease in accrued interest receivable	-904,000											-4,808,000				1,106,000	1,410,000	3,895,000	8,956,000	6,647,000				34,780,000			-19,697,000	8,655,000					-17,524,000	3,579,000
decrease in deferred income taxes	4,139,000	-9,460,000	-202,000	-2,763,000	24,569,000	-12,788,000	12,149,000	9,868,000	-32,236,000	34,511,000	18,226,000	-5,997,000		20,937,000	25,912,000	48,798,000																		-41,799,000	47,799,000	4,893,000				638,000
increase in accrued interest payable									51,064,000	-29,795,000			45,442,000	26,766,000											26,833,000				42,997,000	5,225,000	-1,109,000	-2,293,000	10,752,000	-4,208,000	-1,838,000	288,000	5,913,000	1,602,000	2,231,000	2,858,000	1,014,000	2,572,000	1,565,000	520,000
change in other operating assets and liabilities	-40,455,000	14,650,000	27,104,000	29,327,000	-59,757,000	17,352,000	-5,058,000	-10,684,000	-39,247,000	9,796,000	2,376,000	21,627,000	-39,616,000	14,615,000	9,332,000	-4,198,000	-1,860,000	12,326,000	-1,089,000	257,000	-26,754,000	-167,025,000	138,563,000	34,158,000	-20,468,000	12,567,000	33,650,000	-5,588,000
net cash from operating activities	117,130,000	-239,238,000	99,112,000	111,913,000	-21,059,000	87,081,000	143,652,000	-8,670,000	109,739,000	122,335,000	111,320,000	115,000	235,981,000	369,226,000	69,540,000	-51,345,000	43,463,000	229,626,000	213,778,000	-63,357,000	253,193,000	226,037,000	52,167,000	100,206,000	205,553,000	323,578,000	361,692,000	165,814,000	181,504,000	161,928,000	156,295,000	203,143,000	-700,682,000	456,250,000	-663,788,000	-20,484,000	140,000	77,832,000	48,901,000	36,261,000	63,139,000	45,579,000	29,832,000	13,093,000
capital expenditures	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
free cash flows	117,130,000	-239,238,000	99,112,000	111,913,000	-21,059,000	87,081,000	143,652,000	-8,670,000	109,739,000	122,335,000	111,320,000	115,000	235,981,000	369,226,000	69,540,000	-51,345,000	43,463,000	229,626,000	213,778,000	-63,357,000	253,193,000	226,037,000	52,167,000	100,206,000	205,553,000	323,578,000	361,692,000	165,814,000	181,504,000	161,928,000	156,295,000	203,143,000	-700,682,000	456,250,000	-663,788,000	-20,484,000	140,000	77,832,000	48,901,000	36,261,000	63,139,000	45,579,000	29,832,000	13,093,000
cash flows from investing activities:
purchases of available-for-sale securities	-589,790,000	-2,408,285,000	-3,720,393,000	-2,625,086,000	-621,320,000	-489,185,000	-581,665,000	-442,831,000	-233,238,000	-532,877,000	-558,171,000	-2,553,519,000	-1,175,739,000	-2,190,851,000	-4,685,936,000	-2,609,992,000	-2,337,501,000	-4,359,000	-21,428,000	-131,315,000	-687,234,000	-76,000	-2,078,925,000	-4,354,636,000	-6,249,168,000	-5,142,570,000	-8,713,000,000	-4,551,312,000	-6,302,030,000	-3,097,303,000	-501,917,000	-2,720,032,000	-8,689,593,000	-1,274,784,000	-933,144,000	-2,208,951,000	-2,094,168,000	-4,008,989,000	-1,631,202,000	-3,065,659,000	-26,203,000	-2,956,572,000	-1,702,162,000	-1,636,366,000
proceeds from sales of available-for-sale securities	295,059,000	4,246,997,000	3,771,764,000	1,329,584,000	1,286,810,000	91,115,000	472,323,000	333,082,000	978,936,000	119,095,000	215,054,000	1,360,742,000	2,770,811,000	683,746,000	2,326,528,000	2,012,620,000	1,171,299,000	502,349,000	2,549,602,000	2,050,943,000	1,379,468,000	0	1,383,118,000	15,586,752,000	1,814,250,000	6,111,897,000	3,100,487,000	4,853,189,000	6,045,720,000	5,436,727,000	1,672,927,000	2,047,032,000	2,961,423,000	814,872,000	189,704,000	796,653,000	3,204,497,000	9,369,000	27,612,000	170,102,000	42,380,000	908,466,000	24,377,000	71,405,000
principal payments on available-for-sale securities	160,900,000	174,647,000	247,179,000	180,663,000	189,954,000	188,283,000	192,224,000	136,742,000	155,269,000	189,006,000	178,752,000	139,442,000	165,719,000	249,633,000	315,976,000	371,666,000	514,978,000	647,179,000	938,126,000	1,047,364,000	1,118,523,000	1,061,106,000	940,699,000	1,119,117,000	1,265,105,000	1,057,849,000	789,231,000	487,649,000	641,903,000	843,052,000	501,452,000	447,664,000	302,976,000	224,982,000	321,019,000	235,530,000	283,162,000	246,898,000	165,827,000	130,002,000	114,329,000	92,314,000	71,992,000	44,659,000
purchases of mortgage servicing rights, net of purchase price adjustments	-2,418,000	-8,649,000	-91,405,000	-1,514,000	-27,505,000	-43,194,000	-3,353,000	-40,072,000	-11,043,000	-4,321,000	-179,832,000	-117,441,000	-30,496,000	-60,882,000	-50,671,000	-487,761,000	-109,527,000	-268,060,000	-196,396,000	-168,170,000	-335,938,000	-91,063,000	-12,442,000	-180,951,000	-278,259,000	-84,425,000	-38,888,000	-210,193,000	-500,942,000	-193,168,000	-139,484,000	-142,799,000	-112,985,000	4,979,000
proceeds from sales of mortgage servicing rights	141,577,000				494,000	91,103,000	-40,000	18,221,000	-449,000	132,533,000	0	1,854,000															0	289,000	242,000	-4,000	99,000	300,000
net proceeds on derivative instruments	25,116,000	-27,488,000	-111,028,000	-146,549,000
payments for reverse repurchase agreements	-480,758,000	-842,203,000	-356,738,000	-1,434,785,000	-711,930,000	-1,068,257,000	-788,321,000	-1,080,847,000	-664,790,000	-515,832,000	-340,409,000	-966,485,000	-1,274,141,000	-832,319,000	-754,094,000	-381,280,000	-394,363,000	-300,176,000	-175,469,000	-304,875,000	-280,000,000	-126,589,000	-210,767,000	-1,591,621,000	-576,675,000	-469,275,000
proceeds from reverse repurchase agreements	481,773,000	912,655,000	355,969,000	1,562,942,000	715,135,000	1,058,737,000	790,504,000	1,013,095,000	663,466,000	522,353,000	535,037,000	1,549,504,000	414,412,000	784,084,000	733,748,000	377,337,000	344,681,000	285,176,000	181,469,000	320,400,000	270,885,000	120,595,000	1,331,216,000	614,756,000	537,250,000	398,200,000	0	1,663,190,000	2,642,329,000
acquisition of roundpoint mortgage servicing llc, net of cash acquired					0	0	0	-20,976,000	0
increase in due to counterparties									254,730,000	-21,662,000			155,632,000	-1,141,702,000	1,388,816,000	-142,589,000	252,477,000	-258,594,000	-49,682,000	94,572,000	-976,000	-356,701,000	727,708,000	-321,110,000			-2,867,553,000	2,163,821,000			36,082,000	707,895,000	370,119,000	-172,830,000	-197,639,000	147,585,000	231,762,000	55,215,000	-276,438,000	349,370,000
net cash from investing activities	-17,232,000	2,127,482,000	829,220,000	-2,027,858,000	1,223,966,000	-254,936,000	273,956,000	-347,707,000	777,470,000	56,843,000	39,889,000	-1,069,985,000	882,197,000	-2,247,765,000	-674,184,000	-711,529,000	-474,215,000	626,362,000	3,257,690,000	2,904,100,000	1,462,220,000	599,860,000	2,031,749,000	10,809,889,000	-3,451,922,000	2,564,084,000	-7,844,027,000	2,654,121,000	374,354,000	2,293,928,000	1,613,622,000	508,094,000	-5,313,773,000	-194,179,000	-913,071,000	-1,553,959,000	1,465,442,000	-4,040,438,000	-1,812,481,000	-2,519,958,000	583,538,000	-2,737,720,000	-2,580,468,000	-1,598,273,000
cash flows from financing activities:
proceeds from repurchase agreements	4,183,435,000	10,203,839,000	12,424,464,000	12,970,058,000	10,488,280,000	11,441,178,000	12,254,124,000	12,276,613,000	6,274,827,000	11,001,423,000	8,448,340,000	11,321,136,000	6,689,366,000	11,627,076,000	9,655,682,000	7,955,364,000	4,321,878,000	5,881,711,000	7,754,757,000	11,976,033,000	8,919,428,000	16,299,958,000	22,467,896,000	35,793,417,000	33,108,267,000	62,645,398,000	81,465,008,000	58,853,279,000	48,539,087,000	38,726,524,000	29,569,217,000	35,053,094,000	-40,486,508,000	70,826,091,000	49,284,443,000	24,103,888,000	25,483,381,000	22,059,704,000	12,535,775,000	10,564,948,000	10,171,013,000	11,338,196,000	5,152,322,000	3,131,249,000
principal payments on repurchase agreements	-4,032,545,000	-11,881,811,000	-13,382,672,000	-11,034,285,000	-11,446,623,000	-11,112,688,000	-12,180,852,000	-11,935,182,000	-7,367,890,000	-10,955,977,000	-8,465,228,000	-10,839,435,000	-8,120,373,000	-9,551,305,000	-9,570,091,000	-7,739,153,000	-3,789,134,000	-7,108,632,000	-11,080,197,000	-15,443,869,000	-10,152,226,000	-16,914,510,000	-24,321,378,000	-46,096,150,000	-29,527,940,000	-65,246,306,000	-73,026,655,000	-62,257,064,000	-49,212,242,000	-40,869,243,000	-31,512,073,000	-35,355,622,000	45,377,355,000	-71,055,364,000	-47,825,853,000	-23,283,833,000	-26,893,198,000	-18,463,818,000	-10,791,090,000	-8,531,340,000	-10,811,478,000	-8,864,785,000	-2,941,150,000	-1,685,022,000
proceeds from revolving credit facilities	160,000,000	0	143,000,000	70,000,000	71,000,000	0	0	58,500,000	55,000,000	0	175,000,000	174,000,000	0	310,000,000	260,000,000	150,000,000	0	35,000,000	97,500,000	164,000,000	9,000,000	60,000,000	58,000,000	25,000,000	0	300,000,000	75,000,000	75,000,000	20,000,000	207,400,000
principal payments on revolving credit facilities	-186,000,000	-66,500,000	-64,300,000	-157,000,000	-50,000,000	-280,100,000	-78,400,000	-30,000,000	-136,500,000	-44,750,000			-12,330,000	-4,600,000			0	-147,758,000	-7,439,000	-4,372,000	0	-52,351,000	-42,962,000	-72,857,000	0	0	-450,294,000	-9,706,000	-20,000,000	-67,400,000
proceeds from warehouse lines of credit	53,725,000	43,130,000
principal payments on warehouse lines of credit	-52,771,000	-43,953,000
repayment of term notes payable					0	0
proceeds from issuance of senior notes	0	-190,000
repurchase of convertible senior notes						0											0	0	0	-143,118,000
repurchase and retirement of preferred stock					0	0	0	-11,102,000		0
proceeds from issuance of common stock, net of offering costs	69,000	60,000	68,000	82,000	79,000	61,000	50,000	54,000	97,748,000	48,000	149,000	177,729,000	852,000	5,357,000	82,000	323,000	193,799,000	256,611,000	93,000	99,000	60,000	75,000	95,000	142,000	587,000	217,000	171,000	335,278,000	-114,000	134,000	119,000	76,000	117,000	110,000	184,000	763,042,000	192,000	592,743,000	77,812,000	692,000,000	92,000	483,679,000	235,310,000	287,766,000
repurchase of common stock									0	0											0	0	0	-1,064,000	0
payment of tax withholdings on equity awards
dividends paid on preferred stock	-13,323,000	-13,239,000	-13,186,000	-11,784,000	-11,784,000	-11,784,000	-11,784,000	-12,012,000	-12,115,000	-12,115,000	-12,365,000	-12,365,000	-13,747,000	-13,747,000	-13,748,000	-13,747,000	-13,748,000	-13,748,000	-13,747,000	-22,418,000	-18,951,000	-18,950,000	-18,951,000	-18,950,000	-18,950,000	-18,951,000	-18,950,000	-18,950,000	-18,951,000	-13,747,000	-13,747,000	-11,949,000
dividends paid on common stock	-35,707,000	-40,956,000	-47,216,000	-46,981,000	-46,939,000	-46,945,000	-46,901,000	-46,899,000	-43,560,000	-43,560,000	-58,381,000	-52,139,000	-59,055,000	-58,840,000	-58,811,000	-58,665,000	-53,563,000	-46,759,000	-46,636,000	-46,530,000	-38,318,000	-38,377,000	-13,617,000	-109,175,000	-109,158,000	-109,159,000	-128,229,000	-116,601,000	-77,308,000	-110,261,000	-82,454,000	-603,000			-116,824,000	-164,347,000	-106,325,000	-87,062,000	-85,683,000	-56,239,000	-56,235,000	-36,911,000	-16,200,000	-10,450,000
net cash from financing activities	75,133,000	-1,799,620,000	-827,760,000	1,796,029,000	-996,972,000	-7,261,000	-369,214,000	299,972,000	-1,137,337,000	-155,901,000	44,914,000	768,926,000	-1,566,689,000	2,313,941,000	268,114,000	150,348,000	659,232,000	-1,143,575,000	-3,295,651,000	-3,515,214,000	-1,281,007,000	-664,155,000	-1,920,917,000	-10,639,637,000	3,612,808,000	-2,428,963,000	7,495,088,000	-3,138,764,000	-769,577,000	-2,126,593,000	-1,888,938,000	-664,991,000	5,453,868,000	252,873,000	1,353,377,000	1,894,041,000	-1,478,082,000	4,299,540,000	1,714,566,000	2,669,369,000	-696,608,000	2,920,179,000	2,430,282,000	1,723,543,000
net increase in cash, cash equivalents and restricted cash	175,031,000																228,480,000	-287,587,000	175,817,000	-674,471,000	434,406,000	161,742,000	162,999,000	270,458,000	366,439,000			-318,829,000	-213,719,000	329,263,000	-119,021,000	46,246,000
cash, cash equivalents and restricted cash at beginning of period	0	0	0	817,641,000	0	0	0	794,833,000	0	0	0	1,126,505,000	0	0	0	2,088,670,000	0	0	0	2,646,431,000	0	0	0	1,616,826,000	0	0	0	1,097,764,000	0	0	0	1,054,995,000
cash, cash equivalents and restricted cash at end of period	175,031,000	88,624,000	100,572,000	697,725,000	205,935,000	-175,116,000	48,394,000	738,428,000	-250,128,000	23,277,000	196,123,000	825,561,000	-448,511,000	435,402,000	-336,530,000	1,476,144,000	228,480,000	-287,587,000	175,817,000	1,971,960,000	434,406,000	161,742,000	162,999,000	1,887,284,000	366,439,000	458,699,000	12,753,000	778,935,000	-213,719,000	329,263,000	-119,021,000	1,101,241,000
supplemental disclosure of cash flow information:
cash paid for interest	66,949,000	182,085,000	113,157,000	125,556,000	112,005,000	149,340,000	141,977,000	215,337,000	110,156,000	195,957,000	106,441,000	153,280,000	60,708,000	49,110,000	17,613,000	25,750,000	9,225,000	25,955,000	15,160,000	30,908,000	11,985,000	52,559,000	103,674,000	236,043,000		211,211,000	155,905,000	214,217,000								23,548,000	-2,272,000	3,600,000	1,829,000	8,609,000	8,116,000	4,646,000	2,297,000	1,980,000
cash paid for taxes	11,430,000	3,844,000	5,642,000	3,701,000	5,607,000	41,000	3,504,000	103,000	1,550,000	3,094,000	2,694,000	42,000									39,000	8,874,000	542,000	119,000		11,126,000	5,805,000	15,000								373,000		2,000	0	3,635,000		0	0	1,000
noncash activities:
dividends declared but not paid at end of period	-98,000	-5,165,000	-6,207,000	60,402,000	-5,000	1,000	44,000	58,685,000	3,056,000	0	-15,071,000	70,746,000	-8,298,000	211,000	33,000	72,558,000	5,101,000	6,804,000	123,000	60,384,000	8,212,000	-1,000				-1,000	-19,069,000	147,179,000									58,022,000	19,264,000	1,378,000	85,683,000	4,000	19,324,000	20,711,000	16,200,000
amortization of deferred debt issuance costs on term notes payable, senior notes and convertible senior notes		615,000
reversal of provision for credit losses on investment securities
realized and unrealized loss on interest rate swaps and swaptions		3,825,000	59,332,000	104,763,000		189,322,000	-6,997,000	-84,216,000			-53,081,000	85,765,000				37,300,000				17,249,000
unrealized gains on other derivative instruments		-17,632,000				6,103,000				-32,241,000
gain on repurchase of convertible senior notes
decrease in accrued interest payable		-34,941,000	4,813,000	-10,640,000				-61,783,000				-19,118,000				-8,391,000	7,859,000	-7,433,000	6,050,000	-9,760,000		-24,406,000	-42,833,000	-70,083,000			36,537,000	-50,692,000
payment for acquisition of roundpoint mortgage servicing llc
decrease in due to counterparties		-217,692,000	733,872,000	-893,113,000		107,933,000	194,686,000	-466,272,000				-258,903,000
losses on mortgage loans held-for-sale			-954,000	-624,000
loss contingency accrual
increase in accrued interest receivable			2,509,000	-5,946,000		-568,000	-506,000	-148,000		662,000			1,683,000	-7,447,000																					-6,991,000	-4,476,000	4,306,000	-10,965,000	-5,153,000	-7,364,000	2,073,000	-7,793,000
repurchase/repayment of convertible senior notes									0	0
net decrease in cash, cash equivalents and restricted cash			100,572,000	-119,916,000		-175,116,000	48,394,000	-56,405,000	-250,128,000	23,277,000	196,123,000	-300,944,000		435,402,000	-336,530,000	-612,526,000
amortization of deferred debt issuance costs on convertible senior notes and term notes payable				362,000
provision for credit losses on investment securities				94,000
unrealized losses on other derivative instruments				2,649,000				-75,520,000				67,484,000
proceeds from warehouse facilities				28,995,000	41,971,000
principal payments on warehouse facilities				-23,056,000	-42,956,000
provision for (reversal of provision for) credit losses on investment securities
realized and unrealized losses on interest rate swaps and swaptions
short sales (purchases) of derivative instruments					-146,000	-85,000	-130,000	22,170,000						-111,028,000	-1,103,000	40,998,000
proceeds from sales and settlement (payments for termination and settlement) of derivative instruments							-2,272,000	179,981,000					-147,107,000	112,991,000	52,552,000	107,472,000	31,595,000	-9,464,000											-143,603,000	219,965,000	72,907,000	205,553,000
(payments for termination and settlement) proceeds from sales and settlement of derivative instruments											200,558,000	-224,952,000								-14,755,000	-1,894,000	2,416,000	-35,065,000	-58,840,000	18,784,000	61,366,000	6,553,000	-835,929,000
provision for (reversal of) credit losses on investment securities							171,000	80,000
realized and unrealized losses on interest rate swaps, caps and swaptions
purchases of mortgage loans held-for-sale																																		-28,867,000	-806,977,000	-147,050,000	-47,157,000	-4,179,000
(purchases) short sales of derivative instruments									-104,000	-3,587,000	-111,000	-227,000						-43,000	-1,168,000	-64,000	-424,000	-9,820,000	-15,412,000	-3,630,000	-13,000	-12,437,000	-46,958,000	-17,344,000	-916,000	-4,027,000	-28,444,000	-50,500,000
change in other investing assets and liabilities																	0	0	0	10,000,000	0	0	2,000,000	508,000	-6,162,000	0	35,601,000	2,136,000
repurchase of term notes payable									0
proceeds from issuance of convertible senior notes
redemption/repurchase and retirement of preferred stock
gain on servicing asset														6,720,000	-85,557,000	-410,624,000												188,974,000
realized and unrealized gain on interest rate swaps and swaptions																																-146,736,000
gain on repurchase of outstanding borrowings
repayment of convertible senior notes														0	0	-143,774,000
benefit from credit losses on investment securities													-318,000	1,397,000				159,000			4,509,000	7,100,000	1,193,000	45,638,000
realized and unrealized losses (gains) on investment securities													347,768,000	5,029,000	197,182,000	51,228,000					-41,872,000	2,007,000
(gain) loss on servicing asset																		42,500,000	268,051,000	-327,438,000												-71,807,000
realized and unrealized (gains) losses on interest rate swaps, caps and swaptions
unrealized losses (gains) on other derivative instruments
decrease (increase) in deferred income taxes																		322,000	-21,012,000	24,546,000									6,894,000			4,508,000
purchases of trading securities																					0	0	0	-1,052,500,000										-98,219,000			0	0			75,000	-700,000,000	-1,020,622,000	-299,337,000
proceeds from sales of trading securities																					0	0	0	1,053,477,000										98,582,000			0	0			522,803,000	200,023,000	300,633,000	199,500,000
proceeds from (payments for) sales of mortgage servicing rights
proceeds from federal home loan bank advances																					0	0	0	585,000,000									-249,476,000	464,476,000
principal payments on federal home loan bank advances																					0	0	-50,000,000	-745,000,000	0	0			0	0	0	-350,000,000
cash (received) paid for taxes
realized and unrealized (gain) loss on interest rate swaps and swaptions
unrealized (gains) losses on other derivative instruments														40,204,000	-2,048,000	-90,261,000
(payments for) proceeds from sales of mortgage servicing rights																					-190,000	-8,000	-381,000	-1,433,000	-1,368,000
proceeds from convertible senior notes																		0	18,000	279,912,000
redemption of preferred stock																	0	0	0	-274,951,000
cash received for taxes																-32,000
benefit from (reversal of) credit losses on investment securities																1,114,000
other-than-temporary impairment losses																									3,308,000	5,950,000	4,848,000	206,000	107,000	95,000	174,000	94,000	595,000	212,000	1,426,000	236,000	1,642,000	559,000	4,476,000	4,275,000	1,437,000
proceeds from issuance of term notes payable																									2,000	-143,000
cumulative-effect adjustment to equity for adoption of new accounting principle																										0	0	442,000
realized and unrealized (gains) losses on investment securities																		-28,801,000	34,127,000	-131,733,000
unrealized gain on other derivative instruments																		77,138,000				22,877,000	-108,131,000	64,589,000													7,035,000	-1,720,000			27,568,000	-14,251,000	-3,922,000	-1,971,000
(reversal of) benefit from credit losses on investment securities																				-1,135,000
unrealized loss on other derivative instruments																				43,466,000										5,417,000	-19,684,000	41,724,000	47,656,000	1,162,000		6,923,000				8,026,000
unrealized (gain) loss on other derivative instruments																												-90,184,000
excess consideration in the acquisition of cys investments, inc.																													0
decrease (increase) in accrued interest receivable																					2,966,000	3,340,000							-1,332,000			939,000
increase in deferred income taxes																					10,461,000	-463,000	-6,175,000	-44,090,000		-14,821,000	-8,429,000	-10,037,000
net cash paid for the acquisition of cys investments, inc.																													0
proceeds from issuance of preferred stock, net of offering costs																													-49,000	0	0	13,000
acquisition of the assets and liabilities of cys investments, inc.
available-for-sale securities
cash and cash equivalents
restricted cash
accrued interest receivable
reverse repurchase agreements
other assets
repurchase agreements
derivative liabilities
due to counterparties
accrued interest payable
other liabilities
issuance of preferred stock in connection with the acquisition of cys investments, inc.
issuance of common stock in connection with the acquisition of cys investments, inc.
realized and unrealized loss on interest rate swaps, caps and swaptions																						-582,000	-9,409,000	237,980,000
net income from continuing operations																													-554,535,000	35,946,000	139,490,000	334,809,000
adjustments to reconcile net income from continuing operations to net cash from operating activities:
gain on residential mortgage loans held-for-investment and collateralized borrowings in securitization trusts
net cash from operating activities from discontinued operations
proceeds from sales of beneficial interests in securitization trusts
proceeds from repayment of residential mortgage loans held-for-investment in securitization trusts
net cash from investing activities of discontinued operations
principal payments on collateralized borrowings in securitization trusts																																	-315,187,000	-15,923,000
net cash from financing activities from discontinued operations
cash, cash equivalents and restricted cash of continuing operations at beginning of period																													0	0	0	1,054,995,000
cash, cash equivalents and restricted cash of discontinued operations at beginning of period
realized and unrealized gain on interest rate swaps, caps and swaptions																												106,967,000
amortization of deferred debt issuance costs on convertible senior notes																											232,000	243,000	301,000	287,000	214,000	227,000
repayments of reverse repurchase agreements																												-901,375,000	-2,644,769,000
(gain) loss on residential mortgage loans held-for-investment and collateralized borrowings in securitization trusts
realized and unrealized losses (gains) on interest rate swaps, caps and swaptions
increase in other
net cash from investing activities from discontinued operations
proceeds from issuance of collateralized borrowings in securitization trusts																																	1,360,829,000	33,483,000
gain on residential mortgage loans held-for-sale																														-295,000	-240,000	-316,000
realized and unrealized (gain) loss on interest rate swaps, caps and swaptions
depreciation of fixed assets																														156,000	164,000	184,000	457,000	207,000	142,000	114,000
purchases of residential mortgage loans held-for-sale
proceeds from sales of residential mortgage loans held-for-sale
proceeds from repayment of residential mortgage loans held-for-sale																														1,571,000	634,000	1,120,000
increase in income taxes receivable																																-724,000		-321,000
decrease (increase) in prepaid and fixed assets
increase in other receivables																																-5,032,000					-31,773,000
decrease in servicing advances																														2,584,000	-539,000	2,871,000
increase in income taxes payable																																		7,084,000						-3,898,000	2,969,000	923,000	-270,000	275,000
decrease in accrued expenses and other liabilities																														-5,428,000	493,000	-2,546,000
net cash from operating activities of discontinued operations
purchases of equity securities
proceeds from sales of equity securities
redemptions of federal home loan bank stock																														0	0	12,981,000
net cash from financing activities of discontinued operations
decrease in income taxes receivable
increase in prepaid and fixed assets																																		-400,000
decrease in other receivables																																	16,783,000	-10,516,000	-612,000	29,049,000
decrease in prepaid and fixed assets																																393,000								38,000		-2,000
amortization of premiums and discounts on investment securities and commercial real estate assets
(gain) loss on termination and option expiration of interest rate swaps and swaptions
unrealized loss on interest rate swaps and swaptions																																	9,407,000	90,452,000				58,210,000	46,084,000	212,000		13,123,000
decrease (increase) in servicing advances
proceeds from sales (payments for termination) of derivative instruments
originations, acquisitions and additional fundings of commercial real estate assets, net of deferred fees
proceeds from repayment of commercial real estate assets
purchases of federal home loan bank stock
proceeds from issuance of granite point mortgage trust inc. stock, net of offering costs
realized and unrealized gains on investment securities																																			-50,863,000	-26,790,000
loss on residential mortgage loans held-for-investment and collateralized borrowings in securitization trusts
loss on termination and option expiration of interest rate swaps and swaptions																																	23,247,000	1,240,000	3,983,000	58,692,000	3,495,000	7,544,000	7,275,000	11,265,000
increase in servicing advances																																	-13,912,000	-5,416,000
decrease in income taxes payable
increase in accrued expenses and other liabilities																																	-9,871,000	3,795,000								2,826,000	1,924,000	934,000
originations and purchases of commercial real estate assets, net of deferred fees
increase in restricted cash																																					-96,132,000				-2,311,000	-75,033,000	-50,252,000	-16,443,000
net decrease in cash and cash equivalents
cash and cash equivalents at beginning of period																																	-287,656,000	1,025,487,000	0	821,108,000	0	0	0	360,016,000		0	0	163,900,000
cash and cash equivalents at end of period																																	-848,243,000	1,540,431,000	-223,482,000	1,140,706,000	-12,500,000	336,934,000	-49,014,000	545,688,000		228,038,000	-120,354,000	302,263,000
amortization of premiums and discounts on available-for-sale securities																																		-26,000	9,604,000	2,802,000
loss on mortgage loans held-for-sale																																		3,181,000
gain on mortgage loans held-for-investment and collateralized borrowings in securitization trusts																																		-313,000
amortization of intangible assets																																		400,000
increase in federal home loan bank stock																																		-18,579,000
increase in equity investments																																		-3,000,000
purchases of other derivative instruments																																		-12,902,000	16,751,000	-66,277,000	-15,688,000	-167,043,000	-81,117,000	-124,323,000	-51,586,000	-67,933,000	-95,529,000	-70,302,000
proceeds from sales of other derivative instruments																																		26,416,000			51,475,000	16,997,000	55,345,000	14,354,000	28,035,000	3,607,000	8,230,000	11,342,000
purchases of beneficial interests in securitization trusts
proceeds from repayment of mortgage loans held-for-investment in securitization trusts																																		13,280,000
decrease in restricted cash																																		181,445,000	-408,537,000	24,894,000				12,304,000
proceeds from exercise of warrants																																			37,829,000	63,771,000	37,868,000
net increase in cash and cash equivalents																																		514,944,000	-223,482,000	319,598,000	-12,500,000	336,934,000	-49,014,000	185,672,000	-49,931,000	228,038,000
increase in fair value of mortgage servicing rights
gain on contribution of entity
equity based compensation expense																																			976,000	23,000	26,000	29,000	373,000	60,000	63,000	69,000	85,000	62,000
depreciation of real estate																																					1,062,000	426,000	31,000	1,000
net change in assets and liabilities due to purchase of entity
net change in assets and liabilities of discontinued operations
purchases of mortgage servicing rights
purchases of investments in real estate																																					-102,380,000	-119,607,000	-65,650,000	-6,108,000
purchase of entity
increase in escrow deposits of discontinued operations
contribution of cash to silver bay
gain on mortgage loans held-for-investment and collateralized borrowings in securitization trust																																			-1,558,000	-6,289,000
unrealized loss on mortgage servicing rights
decrease in current income tax receivable
purchases of mortgage loans held-for-investment in securitization trust																																			-1,000	-442,787,000
proceeds from repayment of mortgage loans held-for-investment in securitization trust																																			15,967,000	717,000
proceeds from issuance of collateralized borrowings in securitization trust																																			-1,000	412,217,000
principal payments on collateralized borrowings in securitization trust																																			-15,903,000	-697,000
increase in receivable from issuance of common stock
(gain) loss on mortgage loans held-for-sale																																				-14,323,000
unrealized (gain) loss on interest rate swaps and swaptions																																				-91,680,000
increase in current income tax receivable																																				-303,000		-4,000
(increase)/decrease in prepaid and fixed assets																																				-187,000		-352,000
(decrease)/increase in accrued expenses																																				-3,810,000
(payments for termination) proceeds from sales of other derivative instruments																																				-41,323,000
noncash investing activities:
special dividend of silver bay common stock declared but not paid at end of period																																				368,970,000
noncash financing activities:
cashless exercise of warrants																																				75,000	90,000
cash dividends declared but not paid at end of period																																				116,821,000
reconciliation of mortgage loans held-for-sale:
mortgage loans held-for-sale at beginning of period																																				58,607,000	0	0	0	5,782,000
realized and unrealized gains on mortgage loans held-for-sale																																				14,448,000
mortgage loans held-for-sale at end of period																																				192,417,000
gain on investment securities																																					-108,219,000	-2,527,000	-1,789,000	-9,931,000	-361,000	-31,431,000	-3,189,000	-1,539,000
gain on mortgage loans
unrealized gain on interest rate swaps and swaptions
(increase)/decrease in current income tax receivable
(decrease)/increase in income taxes payable																																					0	-266,000
increase in accrued expenses																																					-3,713,000	5,844,000	1,669,000	583,000
cash paid (received) for taxes
contribution of two harbors property investment llc to silver bay
equity securities and other assets received from silver bay
gain on mortgage loans held-for-sale																																					378,000
loans held-for-sale at end of period																																					44,054,000	3,175,000	5,667,000	5,711,000
amortization of premiums and discounts on rmbs																																						3,492,000	-3,133,000	-5,925,000	-178,000	-4,750,000	2,226,000	2,467,000
unrealized gain on mortgage loans held-for-sale
(increase)/decrease in deferred income taxes
increase in escrow deposits																																						-5,424,000	-20,197,000	-8,496,000
non-cash financing activities:
unrealized gain on mortgage loans
decrease (increase) in restricted cash
non-cash financing activity:
unrealized loss on mortgage loans																																								45,000
increase in current tax receivable																																								-7,952,000
purchase of mortgage loans held-for-sale
decrease/(increase) in prepaid tax asset
decrease in cash held in trust account, interest and dividend income available for working capital and taxes
common stock converted to cash at business combination
common stock repurchases through forward sales agreements
cash and cash equivalents at beginning of year
cash and cash equivalents at end of year
accretion of trust account income relating to common stock subject to conversion
reconciliation of mortgage loans held-for-sale
mortgage loans held-for-sale at beginning of year
purchases of mortgage loans
loans held-for-sale at end of year
loss on termination of interest rate swaps and swaptions																																										17,847,000
net change in:
decrease/(increase) in deferred income taxes																																												482,000
increase in prepaid tax asset
decrease in due to/from counterparties																																										-142,592,000
other-than-temporary impairment loss
gain on termination of interest rate swaps and swaptions																																												-1,253,000
unrealized (gain)/loss on interest rate swaps and swaptions																																												-3,838,000
(increase)/decrease in accrued interest receivable																																												-5,627,000
decrease/(increase) in prepaid expenses																																												204,000
increase/(decrease) in due to/from counterparties																																												97,269,000
net increase/(decrease) in cash and cash equivalents																																												138,363,000
(decrease)/increase in deferred income taxes
decrease in prepaid expenses
decrease/(increase) in due to/from counterparties
net increase in restricted cash

Two Harbors Investment Corp(NYSE:TWO)

Two Harbors Investment Corp
(NYSE:TWO)